Banco Nacional de Desenvolvimento Econômico e Social aims to raise external funding in 2018 of at least 5 billion Brazilian reais, or the equivalent of around $1.5 billion, according to a Reuters report published in Diário Comércio Indústria & Serviços.
BNDES CEO Paulo Rabello de Castro said the development bank's cash for 2017 is enough and it is now looking ahead to the next few years.
"We are not in a hurry because we are comfortable with the cash, but by 2018 it will certainly depend on the opportunity, but it starts at 5 billion reais," the executive said in an interview. He added that the decision of Banco Central do Brasil to accredit BNDES as a dealer for its open market operations will also favor the bank's own funding with smaller spreads.
As of Aug. 10, BNDES will begin as an intermediator for the central bank's market transactions with public bonds in repo operations.
Castro earlier said that BNDES is looking to raise funds in external markets for its planned credit disbursement next year, which could reach 100 billion reais.
As of Aug. 8, US$1 was equivalent to 3.13 Brazilian reais.